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China, Hong Kong stocks slip on profit-taking after recent rally

01/22/2021 | 12:16am EST

* SSEC -0.7%, CSI300 -0.5%, HSI -1.5%

* HK->Shanghai Connect daily quota used -2.9%, Shanghai->HK daily quota used 5.1%

* FTSE China A50 -0.5%

HONG KONG, Jan 22 (Reuters) - China stocks slipped on Friday, tracking weakness in other Asian markets, with investors locking in gains after a recent rally driven by hopes of more economic stimulus from incoming U.S. President Joe Biden to temper the impact from COVID-19 pandemic.

** The CSI300 index slipped 0.5% to 5,537.05 at the end of the morning session, while the Shanghai Composite Index slid 0.7% to 3,595.00.

** The tech-heavy start-up board ChiNext gained 0.7%, while the STAR50 index eased 0.9%.

** Republicans in the U.S. Congress have indicated they are willing to work with the new president on his administration's top priority, a $1.9 trillion fiscal stimulus plan, but some are opposed to the plan's price tag.

** Leading gains, both CSI300 materials index climbed 0.9% and the CSI300 transport index slid 0.1%.

** "Its a consolidation after recent rally and underlying tone for both Shanghai and Hong Kong markets remain firm, and investors are continuously having strong confidence in the markets with support from government's policies," said Linus Yip, chief strategist from First Shanghai Securities.

** In Hong Kong, the Hang Seng index fell 1.5% to 29,480.11, while The Hong Kong China Enterprises Index also declined 1.5% to 11,707.24.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.72% while Japan's Nikkei index was down 0.4%. (Reporting by Donny Kwok; Editing by Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EASTERN GOLD JADE CO.,LTD 5.88% 0.18 End-of-day quote.-79.07%
EASTERN PIONEER DRIVING SCHOOL CO., LTD 0.29% 13.9 End-of-day quote.-28.20%
GUANGZHOU YUETAI GROUP CO., LTD. -2.67% 1.82 End-of-day quote.-11.22%
HANG SENG -2.02% 28544.4 Real-time Quote.6.99%
NIKKEI 225 -0.42% 28743.25 Real-time Quote.5.17%
POSTAL SAVINGS BANK OF CHINA CO., LTD. -0.97% 6.1 End-of-day quote.39.27%
SICHUAN WESTERN RESOURCES HOLDING CO., LTD. -0.96% 3.11 End-of-day quote.-11.40%
SINO BIOPHARMACEUTICAL LIMITED -3.99% 7.95 End-of-day quote.6.00%
XIAOMI CORPORATION -8.59% 22.35 End-of-day quote.-32.68%
ZHEJIANG TIANTAI XIANGHE INDUSTRIAL CO.,LTD. -0.70% 12.8 End-of-day quote.12.97%
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